OT - Nigerian Pigeon Drop Scam( ship trivia )

From: McFadden, Mike <mmcfadden_at_cmh.edu>
Date: Fri May 25 14:26:37 2001

Actuall Nigeria is not a big country for ship registration
A "Flag Of Convenience" (FOC) ship is a ship where the nationality of the
owner is different from the country in which the ship is registered.
Countries that offer registration of ships owned by foreign interests are
considered to have what is called an "open register". Foreign owned ships
dominate the flags of "open register" countries. The modern origin of open
registries can be traced back to the 1920s, when the United Fruit Company
created the Honduran open registry to ensure the cheap and reliable
transport of its bananas.
The Panamanian open registry came about soon after that because U.S. flagged
passenger ships wanted to serve liquor during Prohibition.
The Liberian open register came about during the "Cold War" because the U.S.
wanted a fleet of "neutral" ships to haul its cargo, mostly oil.
Some times it is even hard to trace down the real owners a FOC ship. Often
in the register country the address for the ship owners will only be a Post
Office Box. From there you must follow a series of front companies, often in
different countries, before you end up finding the real owners of a FOC
ship. Many large American shipping lines like the American President Lines
are leaving U.S. flags and are becoming FOC ships. In 1998 there were 28
open register countries of FOC ships and 19,270 vessels over 100 gt, which
comes to 22.5% of the world's fleet and in that year there was a 8.5%
increases in FOC ships.
Of the top 35 maritime countries based on real ownership of vessels not one
of them is an open register country. For example, the true nationality of
ownership of ships from Greece that are part of open register fleets
(percentage of open register fleets) are as follows: Liberia 12.4%, Panama
11.1%, Cyprus 72.6%, Bahamas 19.0% and Malta 56.3%. Of the top six fleets of
gross tonnage in 1998, five of the are open registers for FOC ships; Panama
(6,188 vessels), Liberia (1,697 vessels), Bahamas (1,221 vessels), Cyprus
(1,650) and Malta (1,378). The U.S. fleet ranks 11th in gross tonnage. .
Mike
mmcfadden_at_cmh.edu
Received on Fri May 25 2001 - 14:26:37 BST